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Australian (ASX) Gold Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies154
  • 7D6.6%
  • 3M22.6%
  • 1Y123.0%
  • YTDn/a

In the last week, the Gold industry is up 6.6%, with Evolution Mining up 6.0%. During this same period, the Dateline Resources underperformed, falling 10%. This takes the industry's 12 month performance to a gain of 123%. Earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025AU$166.5bAU$26.4bAU$4.6b28.5x36.4x6.3x
Fri, 21 Nov 2025AU$148.7bAU$26.5bAU$4.6b24.4x32.6x5.6x
Sun, 19 Oct 2025AU$153.8bAU$26.4bAU$4.6b25.5x33.5x5.8x
Tue, 16 Sep 2025AU$126.2bAU$26.8bAU$4.8b18x26.1x4.7x
Thu, 14 Aug 2025AU$104.1bAU$22.8bAU$3.4b18.2x30.4x4.6x
Sat, 12 Jul 2025AU$98.0bAU$22.2bAU$3.1b18.3x31.7x4.4x
Mon, 09 Jun 2025AU$107.7bAU$22.3bAU$3.1b21.4x34.9x4.8x
Wed, 07 May 2025AU$95.6bAU$22.1bAU$3.0b17.2x31.7x4.3x
Fri, 04 Apr 2025AU$85.9bAU$22.2bAU$3.0b17.2x28.2x3.9x
Sun, 02 Mar 2025AU$76.4bAU$22.0bAU$3.0b17.8x25.9x3.5x
Tue, 28 Jan 2025AU$77.7bAU$18.6bAU$1.8b20.1x42.6x4.2x
Thu, 26 Dec 2024AU$69.5bAU$18.7bAU$1.8b21.3x37.6x3.7x
Sat, 23 Nov 2024AU$74.0bAU$18.6bAU$1.8b20x41x4x
Mon, 21 Oct 2024AU$75.4bAU$18.4bAU$1.8b22.7x42.1x4.1x
Wed, 18 Sep 2024AU$66.8bAU$18.3bAU$1.6b23.2x40.8x3.7x
Fri, 16 Aug 2024AU$61.6bAU$16.8bAU$1.4b21.5x45.2x3.7x
Sun, 14 Jul 2024AU$61.0bAU$16.0bAU$1.1b23.5x57x3.8x
Tue, 11 Jun 2024AU$60.3bAU$16.9bAU$1.2b22.1x50.9x3.6x
Thu, 09 May 2024AU$58.1bAU$17.1bAU$1.2b20.7x48.8x3.4x
Sat, 06 Apr 2024AU$57.8bAU$17.1bAU$1.2b19.9x48.6x3.4x
Mon, 04 Mar 2024AU$48.6bAU$16.5bAU$1.2b15.8x41.6x3x
Wed, 31 Jan 2024AU$73.0bAU$22.9bAU$1.3b20.9x54.4x3.2x
Fri, 29 Dec 2023AU$77.4bAU$22.9bAU$1.3b26.8x57.6x3.4x
Sun, 26 Nov 2023AU$70.9bAU$22.9bAU$1.4b21.4x52.5x3.1x
Tue, 24 Oct 2023AU$71.2bAU$23.1bAU$1.4b23.8x51.7x3.1x
Thu, 21 Sep 2023AU$70.6bAU$22.8bAU$1.3b19.8x52.6x3.1x
Sat, 19 Aug 2023AU$65.7bAU$22.4bAU$292.5m17x224.6x2.9x
Mon, 17 Jul 2023AU$75.2bAU$22.1bAU$519.9m17.6x144.7x3.4x
Wed, 14 Jun 2023AU$69.9bAU$22.2bAU$557.4m17.3x125.4x3.1x
Fri, 12 May 2023AU$75.7bAU$22.2bAU$566.0m19.4x133.8x3.4x
Sun, 09 Apr 2023AU$74.4bAU$22.3bAU$571.2m17.1x130.2x3.3x
Tue, 07 Mar 2023AU$63.4bAU$22.3bAU$597.6m17.6x106.2x2.8x
Thu, 02 Feb 2023AU$66.2bAU$20.6bAU$1.1b18.9x58.7x3.2x
Sat, 31 Dec 2022AU$61.4bAU$20.9bAU$1.2b18.1x52.3x2.9x
Price to Earnings Ratio

52.3x


Total Market Cap: AU$61.4bTotal Earnings: AU$1.2bTotal Revenue: AU$20.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 62.8x202320242025
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.4x which is lower than its 3-year average PE of 62.8x.
  • The 3-year average PS ratio of 3.7x is lower than the industry's current PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 7.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market0.95%
Materials3.02%
Metals and Mining3.12%
Gold6.60%
Silver15.84%
Precious Metals and Minerals15.18%
Copper4.43%
Diversified Metals and Mining2.63%
Steel-1.31%
Aluminum-1.35%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EVN Evolution MiningAU$13.047.7%
+AU$1.9b		169.4%PE28.6x
GGP Greatland ResourcesAU$10.8316.8%
+AU$1.0b		n/aPE21.6x
GMD Genesis MineralsAU$7.3514.0%
+AU$1.0b		190.5%PE38x
RMS Ramelius ResourcesAU$4.1714.2%
+AU$1.0b		97.6%PE16.9x
NST Northern Star ResourcesAU$26.702.1%
+AU$800.4m		73.5%PE28.5x

Latest News

OBM
AU$1.56
Ora Banda Mining
7D
20.5%
1Y
137.4%
RMS
AU$4.17
Ramelius Resources
7D
14.2%
1Y
97.6%
WGX
AU$6.47
Westgold Resources
7D
10.8%
1Y
127.8%

WGX: High Grade Great Fingall Ore Will Drive Stronger Margins

Analysts have raised their price target for Westgold Resources from approximately A$5.08 to A$7.98, citing stronger projected revenue growth, higher expected profit margins, and a more attractive future price to earnings multiple. What's in the News First high grade stopes fired at the historic Great Fingall underground mine near Cue, marking the transition from development to production and delivering initial grades above 3 g/t Au (company announcement) Great Fingall and Golden Crown are expected to ramp up to around 40,000 tonnes per month by late fiscal 2027, supplying high grade ore to the Cue processing hub and enhancing margins alongside Big Bell's bulk tonnage (company guidance) Ongoing underground drilling at Great Fingall is targeting extensions beyond the current six year mine plan, aiming to unlock additional high grade resources from multiple lodes (company announcement) Westgold has issued medium term guidance of approximately 420,000 ounces of gold production in fiscal 2027 and 470,000 ounces in fiscal 2028, at ASICs of about AUD 2,456 and AUD 2,499 per ounce respectively (company guidance) Group gold production for the quarter ended 30 September 2025 was reported at 83,937 ounces, down from 88,022 ounces in the prior quarter (operating results) Valuation Changes The fair value estimate increased significantly from about A$5.08 to A$7.98 per share, reflecting a higher intrinsic valuation for Westgold Resources.
GGP
AU$10.83
Greatland Resources
7D
16.8%
1Y
n/a
NST
AU$26.70
Northern Star Resources
7D
2.1%
1Y
73.5%

NST: Elevated Gold Price Optimism Will Likely Fade Against Cost Pressures

Analysts have lifted their price target on Northern Star Resources, raising fair value from about A$13.56 to A$17.06, citing higher gold price assumptions, stronger expected revenue growth, and improving profit margins, despite a modest increase in the discount rate and slightly lower future P E expectations. Analyst Commentary Recent Street research has highlighted a more constructive stance from some global banks, including a higher A$22 price target from JPMorgan, reflecting upgraded gold price assumptions.
WAF
AU$3.17
West African Resources
7D
13.6%
1Y
120.1%

WAF Stronger Margins And Lower Earnings Multiple Will Drive Future Upside

Analysts have raised their price target on West African Resources from A$5.00 to A$5.50, citing expectations of stronger revenue growth, improved profit margins, and a more attractive forward earnings multiple. Valuation Changes The fair value estimate remained unchanged at A$5.00 per share, indicating no revision to the intrinsic value assessment.
MDX
AU$0.042
Mindax
7D
-3.4%
1Y
10.5%
EVN
AU$13.04
Evolution Mining
7D
7.7%
1Y
169.4%

EVN: Higher Gold Prices Will Likely Prove Insufficient Against Rising Cost Pressures

Analysts have raised their price target on Evolution Mining from A$10.05 to A$10.23, citing higher forecast gold prices, slightly stronger revenue growth and margins, and a modestly lower future P/E multiple in their updated valuation work. Analyst Commentary JPMorgan recently raised its price target on Evolution Mining to A$10.50 from A$8.50 and reiterated an Overweight rating, reflecting a more constructive outlook on sector fundamentals and the company’s leverage to higher gold prices.
GMD
AU$7.35
Genesis Minerals
7D
14.0%
1Y
190.5%
SFM
AU$0.30
Santa Fe Minerals
7D
-11.8%
1Y
n/a
YRL
AU$0.21
Yandal Resources
7D
-17.3%
1Y
14.7%
RND
AU$2.49
Rand Mining
7D
-3.5%
1Y
64.4%
KAL
AU$0.046
Kalgoorlie Gold Mining
7D
-20.7%
1Y
142.1%
TGM
AU$0.18
Theta Gold Mines
7D
-5.3%
1Y
-2.7%
GML
AU$0.071
Gateway Mining
7D
-5.3%
1Y
238.1%
KRM
AU$0.034
Kingsrose Mining
7D
-29.2%
1Y
3.0%